The $41.3 billion Illinois Municipal Retirement Fund has increased its exposure to the real estate asset class from 8 percent to 9 percent, according to documents released by Nisa Neely, senior communications specialist for the pension fund. The market value of IMRF’s real estate portfolio was $2.19 billion as of Dec. 31, 2017.

In additional news, IMRF increased its goals for assets managed by minority- and women-owned firms in the real estate and private equity asset classes to 8 percent and 15 percent, respectively. As of Jan. 31, the real estate portfolio had $3.6 billion in approved commitments, and the private equity portfolio had $2.5 billion in approved commitments.

Currently, 12 women- and minority-owned firms manage $517 million, or 14 percent, of the real estate portfolio. IMRF hires real estate managers directly and through its manager-of-managers program. Artemis Real Estate Partners implements a real estate manager-of-managers program on behalf of IMRF.